Inner west records clearance rate of 75.56 per cent

Sellers in the inner west continue to reap the rewards of strong competition at auctions

Brendan Wong Real estate reporter

Inner West Courier Inner CityJune 23, 20142:04pm

Look what $1m buys you3:47

Clearance Rate: A wrap of the nation's residential property market for the week ending June 21st.

June 23rd 2014

4 years ago

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Sellers are still the big winners in the inner west market with homes smashing reserves at auction.

The region recorded a solid clearance rate of 75.56 per cent from 90 auctions, according to RP Data. This was a slight drop from last week’s result of 81.82 per cent when 66 properties went under the hammer.

One of the highlights was a Californian bungalow at 24 Weil Ave, Croydon Park.

A crowd of 100 people turned out to watch more than 20 registered bidders battle for the three-bedroom house.

Bidding started at $850,000 and went up in $10,000, $1000 and $5000 increments before the hammer fell at $1.153 million.

The sale was a success as expectations for the three-bedroom home were in the high $800,000 and low $900,000 range.

“If you look at other properties that are selling around Croydon Park area, those with a price range under the $1 million mark generally seem to get a lot of attention,” selling agent Tommy Ajaka from McGrath Leichhardt said.

McGrath Leichhardt also sold a two-bedroom home at 61 Hill St, Leichhardt, for $926,000 at auction.

61 Hill St, LeichhardtSource:Supplied

In an unusual case, one of the six registered parties was a phone bidder from Singapore.

The successful buyer was a young couple looking to build their first home.

“This sale is a good sign that the Leichhardt market still has a lot of strength,” selling agent Luke Bellero said.

The timber cottage was in its original condition and presented an opportunity for redevelopment.

At Rodd Point, a four-bedroom house at 13 Rickard St beat its reserve by $300,000.